The global cognitive operations market size is expected to grow from USD 7.27 billion in 2018 to USD 21.67 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 24.4% during the forecast period
According to the market research report "Cognitive Operations Market by Component (Solutions and Services), Application (ITOA, APM, Infrastructure Management, Network Analytics, and Security Analytics), Deployment Mode, Enterprise Size, Vertical, and Region - Global Forecast to 2023", published by MarketsandMarkets™, the global cognitive operations market size is expected to grow from USD 7.27 billion in 2018 to USD 21.67 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 24.4% during the forecast period
Major growth factors for the cognitive operations market include a growing need to monitor the complex IT environment, and an increasing focus on the adoption of cloud-based cognitive IT operations solutions. A growing need to deliver an enhanced customer experience and an increasing need to analyze growing IT operations data will provide significant growth opportunities for vendors in the market.
Deployment and integration services segment to be a larger contributor to the cognitive operations market during the forecast period
Deployment and integration services are an essential aspect of executing cognitive operation solutions, as they help companies implement new versions of cognitive operations software tools as well as integrate those tools with the traditional IT operations ecosystem. Deployment and integration services integrate the software with the analytics side, to enable data retrieval and generate the desired results through computation.
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IT operations analytics (ITOA) application to hold the largest market size during the forecast period
ITOA applications powered with cognitive operations solutions help enterprises to analyze their IT operational logs and get the real-time behavior of an organization’s business. Moreover, ITOA application can collect, store, index, search, correlate, visualize, analyze, and report the machine generated data and reduce the Mean-Time-To-Repair (MTTR) by providing better and faster results.
IT operation analytics also assists in unlocking trends that can help organizations connect performance issues and infrastructure changes to incident tickets.
North America to hold the largest market size during the forecast period
North America is the major revenue generating region in the global cognitive operations market. The region has witnessed the maximum adoption of cognitive operations solutions, due to the increasing complexities in IT environment across all the major industry verticals.
Enterprises in the US and Canada are expected to significantly adopt cognitive operations solutions. Hence, North America is expected to hold for the largest market size in the global cognitive operations market during the forecast period.
Major vendors in the global cognitive operations market include IBM (US), Splunk (US), CA Technologies (US), Micro Focus (UK), VMware (US), HCL Technologies (India), AppDynamics (US), BMC Software (US), New Relic (US), Appnomic (India), CloudFabrix (US), Loom Systems (US), Dynatrace (US), Zenoss (US), Ymor (US), Devo (US), Logz.io (US), ServiceNow (US), Corvil (Ireland), Interlink Software Services (UK), Correlata (Israel), ScienceLogic (US), Sumo Logic (US), RISC Networks (US), and Bay Dynamics (US).
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